Kim Jae-cheol, Honorary Chairman of Dongwon, "Acquisition of HMM is the Pinnacle of a Dream"

Official Intention to Take Over Revealed for the First Time
"As a Company Founded at Sea, We Will Manage It Well"
Honorary Doctorate Awarded by Hanyang University for Contributions to AI Industry and Talent Development

"The acquisition of HMM is the pinnacle of our dreams."

On the 19th, Kim Jae-cheol, Honorary Chairman of Dongwon Group, met with reporters after receiving an honorary doctorate in engineering at Hanyang University in Seongdong-gu, Seoul, and expressed strong determination regarding the acquisition, saying, "Since we are a company built on the sea, we believe we can manage HMM well."

Kim Jae-cheol, Honorary Chairman of Dongwon Group, is giving a thank-you speech at the honorary Doctor of Engineering degree conferment ceremony held on the 19th at Hanyang University Baeknam Academic Information Center.
[Photo by Dongwon Group]

This is the first time Honorary Chairman Kim has officially expressed his opinion on the HMM acquisition and merger (M&A). Dongwon Industrial, the holding company of Dongwon Group, is competing with Harim Group and LX International for the acquisition of HMM. The sale price of HMM is expected to be at least 5 trillion won.

The sellers, including the Korea Development Bank and the Korea Ocean Business Corporation, plan to grant each company a two-month due diligence period, followed by a final bidding process, aiming to complete the sale within the year. The financial mobilization capability of the candidate companies is expected to be the key factor in the acquisition battle.

Dongwon Group is focusing its capabilities on the acquisition battle by early contracting with Samjong KPMG, which has past advisory experience in acquiring Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean), and the global consulting firm Bain & Company, as well as recruiting former SM Line CEO Park Ki-hoon, who has experience at Hyundai Merchant Marine, as an advisor. Honorary Chairman Kim said, "The evaluation will now be done by a third party, so I look forward to it."

Meanwhile, Honorary Chairman Kim received an honorary doctorate in engineering at Hanyang University on this day in recognition of his contributions to the development of the artificial intelligence (AI) industry and the cultivation of technical talent. Previously, in 2020, Honorary Chairman Kim donated 50 billion won of his personal funds to the Korea Advanced Institute of Science and Technology (KAIST) to foster AI industry talent, and Dongwon Industrial, a group affiliate, supported Hanyang University with 3 billion won in 2019 to establish the 'Hanyang AI Solution Center.'

Lee Ki-jung, President of Hanyang University, said, "Honorary Chairman Kim is an entrepreneur who, based on relentless challenge and pioneering spirit, has grown Dongwon Group into a sixth industry company encompassing the primary, secondary, and tertiary industries," adding, "Not stopping there, he has contributed to the national economy and industrial development through investment in scientific research and AI technology talent cultivation, for which we award him the honorary doctorate in engineering."

This content was produced with the assistance of AI translation services.